Great Quest Initiates Phosphate Studies

By Great Quest |
Mar 08, 2011

VANCOUVER, BC -- Victor J.E. Jones, Chairman and CFO of Great Quest Metals Ltd. (TSXV: GQ; Frankfurt: GQM), reports that the Company has entered into an agreement with the Malian Institute for Rural Economy ("IER") which has designated Dr. Lamine Traoré to carry out the programs. Dr. Traoré is an agronomist with many years experience in rural Mali and other West African nations where he has researched best practices in sustainable agriculture. The Tilemsi Phosphate project in eastern Mali covers 737 sq km now permitted for drilling and where Company geologists, remote sensing and other studies have indicated the potential for extensive areas of phosphate mineralization.

Discussions with the Rural Economy Institute indicate a strategic interest in expanding both the area of agricultural land fertilized and the average annual amount applied, to boost food and other crop production. This renewed emphasis on expanding the Mali agricultural sector, where important infrastructure investments for irrigation are already being made, aligns with global concerns for agricultural production and fertilizers, including phosphates. The research is aimed at maximizing regional benefits from Phosphate Naturel du Tilemsi ("PNT") to be produced from the Company's Tilemsi Phosphate Project, by providing a natural fertilizer product beneficiated for the crops and soils of Mali. Servicing the Mali and regional markets is the first part of the market strategy which includes export products for world markets. This initiative targets the cost effective use of PNT as a direct application fertilizer. The goal is to define the forms of commercial PNT fertilizers most suitable for the various soils and crops in Mali and neighbouring countries including Niger, Burkina Faso, and Senegal. Mali currently imports 100% of its fertilizer.

About Institute for Rural Economy ("IER")
The IER's mandate is to design, manage, and carry out agricultural research programs; to plan and evaluate agricultural development projects; to supervise and coordinate organizations and authorities that conduct research in Mali; and to create, conserve, and protect national scientific assets. IER is governed by a Board of Directors whose members include representatives from the Ministry of Agriculture, producer organizations and IER's research, technical support, and finance departments. The directors of the regional centers are appointed by IER's Director General and are responsible for managing and supervising activities at their research stations and substations.

In other matters, the Board has approved the grant of a stock option to a Consultant of the Company for the purchase of up to 50,000 common shares of its capital stock for a period of five years at an exercise price of $2.69 per share. The option vests in six months. Other terms are in accordance with the Company's Stock Option Plan and the grant is subject to regulatory approval.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. The statements that are not historical facts and are forward-looking statements involving known and unknown risks and uncertainties could cause actual results to vary materially from the targeted results.